CUs will pay for deposit insurance.Credit unions will be charged more next year for their insurance coverage because of Congress' recent action keeping NCUSIF NCUSIF National Credit Union Share Insurance Fund coverage for customer deposits of up to $250,000 in place through 2013. The fund will continue to make assessments based on 1% insured The person who obtains or is otherwise covered by insurance on his or her health, life, or property. The insured in a policy is not limited to the insured named in the policy but applies to anyone who is insured under the policy. insured n. shares, but because of the additional coverage amount, the amount will be calculated based on the $250,000 limit, rather than $100,000. The NCUA NCUA National Credit Union Administration (US government) NCUA Nbcs Control Unit Atm estimates that this will increase the NCUSIF by $493 million, $483 million of which will come from natural person credit unions. The agency also estimated that the impact on the NCUSIF's equity ratio will be two basis points. The increase will occur because when Congress raised the coverage level to $250,000 last year through the end of 2010, it did not allow the NCUA pass the additional costs on to credit unions. Instead, the additional coverage was backed by an additional line of credit from the Treasury Department. The agency plans to issue guidance to credit unions on the changes within the next few weeks, including when they will take effect. The higher coverage level was extended in a bill on housing and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. issues that also create the stabilization fund Stabilization fund may refer to:
--cmarx@cutimes.com |
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